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Sure, Why Not: There Are Now Bananacoins, Which is a Cryptocurrency Tied to Banana Prices
Capital Markets, FinTech
Because this is 2018 and we live in a world where Hooters is now utilizing blockchain, there is now a cryptocurrency called bananacoins, which – as the name implies – is tied to the price of bananas, as Grub Street reports.
The people behind the bananacoin describe this as the “first environmentally friendly plantation in Laos which has released a utility token based on Ethereum, pegged to the export price of 1 kg of bananas,” according to their website. The company’s mission is to grow an organic banana known as a “Lady Finger,” which will then be exported to China “where demand is greater than supply.”
And because these things must always be about disrupting an industry, here is an excerpt from the company’s white paper about disrupting the banana biz.
Bananacoin is blockchain project aiming to achieve a core modification of the global banana production industry, similar to how Uber has revolutionized the taxi industry or how Upwork has brought freelancing to a new level. In short, the initiators of the project create processes in the production of organic bananas through the implementation of an economic element in the seemingly completely understood export relations of the product.
We live in a post-parody society where it's impossible to invent anything more ridiculous than reality pic.twitter.com/HPGekRKENz
— Zack Bloom (@zackbloom) January 20, 2018
The company has sold nearly three million of the 14 million banacoins available.
Photo: Getty iStock